BofA approved more than $4 billion for 2009 pay: report

By IBT Staff Reporter On 02/03/10 AT 6:00 AM

Bank of America Corp has approved more than $4 billion in 2009 pay for its investment bankers and traders, according to the Wall Street Journal.

The payout is about 19 percent of the $23 billion in revenue the company made from its investment banking and capital markets divisions, according to the Journal, citing a person familiar with the matter.

Each banker and trader will collect an average $300,000 to $500,000 for 2009, a figure close to what Bank of America paid in 2006, its peak year for such payouts, the report said.

Bank of America was not immediately available for comment.

On average, a quarter of the payout will be in cash and the rest will be deferred payments of restricted stock or cash paid over one and a half or three years and tied to the bank's stock price, the Journal said.

It said some senior bankers getting seven-figure payouts would get 5 percent of their payout in cash. Some payments will be subject to clawbacks, the report added.

Earlier on Tuesday, Bank of America Corp said in a regulatory filing that Chief Executive Brian Moynihan would receive a new base salary of $950,000 beginning on January 1.